ALL FIELDS REQUIRED
*** Must be submitted BEFORE the 70th day.
Loan Processing, Delivery and Purchase Timetable:
Once a loan is reserved in the eHousingPlus system and is provided the Servicer’sLoan number, the loan must be;
- underwriter certified within 15 days of loan reservation
- closed and delivered to the Servicer within 45 days of loan reservation and
- purchased within 70 days of loan reservation.
Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension. The cost of the extension is $375. The $375 extension fee is due whether or not loans are ultimately delivered and/or purchased. The $375 will be netted by the Servicer when loans are purchased. If an extension is permitted, but the loan is not purchased, the originating lender may be billed by the Agency for the extension fee of $375. Any outstanding fees owed by the Lender may result in that Lender becoming ineligible to participate in the program.
Again, the extension is offered once per loan and no further extensions will be allowed.
Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability of the originating lender, including any down payment assistance provided at closing.